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Silver May '24 (SIK24)

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Silver Futures Market News and Commentary

Dollar Falls Sharply on Dovish US PCE Inflation Report

The dollar index (DXY00) on Friday edged to a new 2-year high but then fell back and ended the day down -0.72%.  The dollar was undercut by the US PCE deflator report, which was dovish for Fed policy and caused weaker US interest rate differentials with the 10-year T-note yield down -4 bp.  In addition, Friday’s US personal spending and consumer sentiment reports were slightly weaker than expected.

The dollar was also undercut by US political uncertainty as the US government faced a shutdown at midnight Friday if Congress does pass a stop-gap spending bill.

Friday’s PCE price index report was a bit weaker than expected, which could give the FOMC a bit more leeway to cut interest rates.  The Nov PCE price index rose +0.1% m/m and +2.4% y/y, a bit weaker than expectations of +0.2% m/m and +2.5% y/y.  The Nov core PCE price index rose +0.1% m/m and +2.8% y/y, a bit weaker than expectations of +0.2% m/m and +2.9% y/y.

Friday’s headline Nov PCE price index report of +2.... Read more

Contract Specifications

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Contract
Silver 5,000-oz
Contract Size
5,000 troy ounces
Tick Size
$0.005 per troy ounce ($25.00 per contract) (Settlement $0.001)
Trading Hours
5:00p.m. - 4:00p.m. (Sun-Fri) (RTH 7:25a.m. - 12:25p.m.) (Settles 12:25p.m.) CST
Exchange
COMEX
Point Value
$5,000
Margin/Maintenance
$12,650/11,500
First Notice Date
04/30/24
Expiration Date
05/29/24 (expired)

Seasonal Chart

Silver May '24
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of Dec 17, 2024

View Chart Details
Commercials - Long / Short
35,135 (-1,241)
92,645 (-3,574)
Non-Commercials - Long / Short
68,183 (-4,332)
27,919 (-3,431)
Producers - Long / Short
3,358 (+798)
37,390 (-461)
Swap Dealers - Long / Short
26,884 (-162)
50,362 (-1,236)
Managed Money - Long / Short
40,317 (-6,573)
18,438 (+868)
Other Reportables - Long / Short
27,866 (+2,241)
9,481 (-4,299)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
26.035 +23.69%
on 05/02/24
32.500 -0.91%
on 05/21/24
+4.830 (+17.65%)
since 04/29/24
3-Month
22.710 +41.80%
on 03/01/24
32.500 -0.91%
on 05/21/24
+9.318 (+40.72%)
since 02/29/24
52-Week
21.400 +50.48%
on 10/04/23
32.500 -0.91%
on 05/21/24
+7.800 (+31.96%)
since 05/26/23

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Lean Hogs have been grinding higher since mid-August, corrected, and have now broken through the top of the pennant. However, there is additional overhead resistance to fight through.  Given the overbought...

Dollar Falls Sharply on Dovish US PCE Inflation Report

The dollar index (DXY00 ) on Friday edged to a new 2-year high but then fell back and ended the day down -0.72%. The dollar was undercut by the US PCE deflator report, which was dovish for Fed policy...

DXY00 : 107.621s (-0.73%)
GCG25 : 2,645.1s (+1.42%)
SIH25 : 29.958s (+1.86%)
^USDJPY : 156.413 (-0.65%)
^EURUSD : 1.04292 (+0.64%)
Dollar Falls on Dovish US PCE Inflation Report

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DXY00 : 107.621s (-0.73%)
^USDJPY : 156.413 (-0.65%)
^EURUSD : 1.04292 (+0.64%)
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Is Silver Headed to the Figurative Glue Factory?

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SIH25 : 29.958s (+1.86%)
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Dollar Climbs on Reduced Fed Rate Cut Expectations

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DXY00 : 107.621s (-0.73%)
GCG25 : 2,645.1s (+1.42%)
SIH25 : 29.958s (+1.86%)
^USDJPY : 156.413 (-0.65%)
^EURUSD : 1.04292 (+0.64%)
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GCG25 : 2,645.1s (+1.42%)
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Dollar Jumps to a 2-Year High on a Hawkish Fed

The dollar index (DXY00 ) Wednesday rose by +1.04% and posted a 2-year high. The dollar rallied Wednesday after the FOMC signaled only 50 bp of interest rate cuts next year, down from a September projection...

DXY00 : 107.621s (-0.73%)
GCG25 : 2,645.1s (+1.42%)
SIH25 : 29.958s (+1.86%)
^USDJPY : 156.413 (-0.65%)
^EURUSD : 1.04292 (+0.64%)

Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Maximum Signal Strength.

Key Turning Points

3rd Resistance Point 32.203
2nd Resistance Point 32.203
1st Resistance Point 32.203
Last Price 32.203s
1st Support Level 32.203
2nd Support Level 32.203
3rd Support Level 32.203

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52-Week High 32.500
Last Price 32.203s
Fibonacci 61.8% 28.260
Fibonacci 50% 26.950
Fibonacci 38.2% 25.640
52-Week Low 21.400

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